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YouBetMe officially launches its social betting iPhone app in time for the Super Bowl

YouBetMe is marking the official launch of its iPhone app, which lets you place friendly gentleman’s wagers on just about anything you can think of.

You can bet real money in YouBetMe, but there’s no payment system in place in the app, so you’ll have to track your friends down to hard cash. Reneging on a bet will show up on your profile in the app, and founder Jason Neubauer said that the company hasn’t had any problems with users welching on their bets.

The startup also plans to add a feature where you can have a third-party act as a witness for the bet in order to determine who wins. The app also includes an interesting SMS system where you can place bets by text message when you don’t have an Internet connection.

“We’re taking betting back to its good name,” Neubauer said.

While betting has become associated with bookies and gambling, most of us probably make silly bets with friends for drinks or dinner on a regular basis. Neubauer noted that a number of couples have taken to using YouBetMe to compete with each other over stakes like household chores or an intimate massage.

An Android version of the app is scheduled for release in a few months. YouBetMe is also considering adding a real-money transaction feature for the UK version of the app, since peer-to-peer betting is legal in the country.

YouBetMe has raised $1.2 million in seed funding from unnamed angel investors.